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Broker is ignoring stop loss

Szeblo
Nov 12 2014 at 08:32
6 posts
You should get your amounts correct, its 50pips not 500. You don't want to sound like a liar in the event you file a complaint. The last digit on yen pairs is only a point, the 2nd last is a pip.

But yeah looks like you got screwed. I was in the same trade, my sl was 115.1, got filled at 114.94. Totally ridiculous how you got a stop higher than mine and got filled so much lower. I bet its a case of b-booking and lagging your execution.

After reading your post I was going to put an entry in my personal notes on FXpro for dodgy slippage but I noticed there was already a note there from 2012 saying 'market maker scammers' lol. Good to see my notes panned out (this is why you should research your broker beforehand).

Now as for what you can do, I suggest first filing a complaint against them in both your country's regulators and the FCA. See if they're willing to negotiate once you escalate. Check if they have a local branch in your home country, if they do you can get a lawyer to take legal action. Even if they don't, you should still have some legal recourse given you're both in the EU. Ask your local lawyers/consumer advice agencies.

Personally I'm always amazed at how many of these bucketshops are still around. it seems like every day I read about a broker ripping off their clients. Given how often it seems to happen, I'm surprised that I haven't heard about angry clients taking a baseball bat to their offices or hiring hitmen or the like. Anyway good luck with trying to get your money back.

Igo1
Nov 12 2014 at 09:32
42 posts
I guess the wrong pip count might be only supportive for his case. At least in the EU .

Beside this it is only a broker, fully dependent on his liquidity provider. I doubt FX pro is worse or better than other brokerage companies from this market segment.


The bigger problem might be that they do not ensure that only informed investors are allowed to use their platforms.

The b book issue and stuff like that.... well they have plenty of excuses and evidence after NFP...

sabe
Nov 12 2014 at 10:11
7 posts
Igo1 posted:
The bigger problem might be that they do not ensure that only informed investors are allowed to use their platforms.


I'm trading for more than 6 yrs, I've seen how the traders are working at Rabobank (in front of their Reuters/Bloomberg terminals), I've implemented MMTS connection (as an IT PM). So I'm informed how it _should_ work. But not about the black box how FxPro operates.
Yeah I agree almost all the MT4/MT5 providers are the same... which doesn't make me happy and to accept the situation.

xgavinc
Nov 12 2014 at 10:42
235 posts
How did you place a stop on a buy order 3 points higher than your open price? (5 lot trade).




A news event occurred, brief swap gap widened and you were closed out. Read the fine print of the T&C's, no broker guarantees closing orders at / near SL levels.

My suggestion, reduce you trade size and increase your stop levels in future to prevent this from happening (it can and will happen again).

Attachments:


For every loss there should be at least an equal and opposite profit.
Igo1
Nov 12 2014 at 11:09
42 posts
@sabe my apologies, it was about the most effective way how to get Your money back. I am not in the position to give any comments about your professional experience.

But it will not help you at lot if they regard you as extremely experienced, the opposite would be much more beneficial.

Anyhow i am slightly surprised that during the last 6 years you never experience situation like this.

Szeblo
Nov 12 2014 at 15:57
6 posts
Igo1 posted:
I guess the wrong pip count might be only supportive for his case. At least in the EU .

Beside this it is only a broker, fully dependent on his liquidity provider. I doubt FX pro is worse or better than other brokerage companies from this market segment.


The bigger problem might be that they do not ensure that only informed investors are allowed to use their platforms.

The b book issue and stuff like that.... well they have plenty of excuses and evidence after NFP...


That reminds me, if or when you're going to complain to the authorities. You should ask fxp for receipts if they really passed the order to their 'liquidity provider', I bet you they can't because they're running a good old bucket shop operation.

Igo1
Nov 13 2014 at 07:39
42 posts
well if you think they have to prove more than both prices traded at this time, it might be helpful.... I really doubt there is more needed

sabe
Nov 13 2014 at 10:58
7 posts
'The Cyprus Securities and Exchange Commission (“CySEC”) acknowledges receipt of your complaint. '

I'll see what happens...

sabe
Nov 13 2014 at 11:10
7 posts
xgavinc posted:
How did you place a stop on a buy order 3 points higher than your open price? (5 lot trade).


I had trailing stop, it went to positive just before NFP.

Szeblo
Nov 14 2014 at 12:22
6 posts
I was thinking more along the lines of UK FCA/FOS or the financial regulator in your country.

CySEC is kinda of a joke regulator.

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